ChainCatcher report: Richard Byworth, formerly with Syz Capital and with a career focused primarily on hedge fund structuring, stated in an interview with Bitcoin Magazine that the next rally for Bitcoin is merely a matter of time. He noted that, according to on-chain analytics platforms such as Glassnode, the current level of seller exhaustion has reached historic highs. Although the market does not exhibit the atmosphere of an extreme bear market, multiple on-chain indicators suggest Bitcoin is forming a strong bottom. Byworth mentioned that Bitcoin has recently traded in a range just above $80,000, and he previously viewed the $58,000 level as a bottom. He also discussed Bitcoin yield strategies, warning that using a covered call strategy during a bull market could cause investors to lose significant amounts of Bitcoin, and advocated for generating low-volatility, market-neutral returns through Bitcoin-collateralized basis trades. He referenced Strive, which bought three times the weekly Bitcoin issuance in a single trade within a week, reinforcing his view that the next rally is inevitable. Regarding Bitcoin treasury companies, Byworth noted that the digital credit products designed by Saylor are exerting pressure on traditional bond markets, as the yield on 10-year U.S. Treasuries hovers around 5.1% to 5.2%, leaving investors vulnerable to erosion of returns due to faster currency depreciation. He cited followers such as Strive and Metaplanet, suggesting Bitcoin could surpass its all-time high again before year-end, and reaching $350,000 within the next year is not entirely implausible.
Bitcoin’s next rally is just a matter of time, says Richard Byworth
ChaincatcherShare
Summary
Richard Byworth, a former strategist at Syz Capital, told Bitcoin Magazine that a Bitcoin market rally is inevitable. He pointed to on-chain data showing record seller exhaustion, with Bitcoin trading near $80,000 and forming a strong base. Byworth warned against using covered calls during bull markets and advocated for basis trading using Bitcoin as collateral. He cited Strive’s purchase of three times the weekly Bitcoin issuance in a single trade and noted that Saylor’s digital credit products are outperforming U.S. Treasury returns.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.